Company Accounting Study Set 1
Quiz 13: Impairment of Assets
The Discount Rate Used in the Determination of the Value
The discount rate used in the determination of the value in use of an asset may be selected from rates used for similar assets in the market.
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Where an asset is measured using the cost model,any impairment loss is recognised immediately in profit and loss.
Where an asset is measured using the revaluation model,any impairment loss is recognised immediately in profit and loss.
A cash generating unit is defined in AASB 136 Impairment of Assets as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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